Dear Sir.
Please tell me when a dealer deal business with refurbuished mobiles and pay tax only profit margin value if any...
In my case i issue a tax invoice bill of B2B or B2C of Rs. 1,00,000 and profit margin only Rs. 800 (Tax= 800×18%= 144) and hence total invoice value will be Rs. 1,00,144
So my query is please bifurcate this amount in B2B Case:-
Nil Rated Supply = ?
Exempt Supply = ?
B2B (0%) = ?
And B2C Case:-
Nil Rated Supply = ?
Exempt Supply = ?
B2C (0%) = ?
Please Sir help me. I am very confused..
Thnaks...

Dear Expert,
In this case the ownership of the house property is in the of the mother while Son is Taken house property loan and paying whole EMI by himself. So can he take the deduction of Loan interest & Principal u/s 24B & 80C respectively. Also bank issued loan certificate to him.

Scenario:
- My wife and I are co-owners of two properties with active home loans.
- The first property was purchased nearly 7 years ago, and the second property's loan was acquired in FY23-24.
- We are living in the second property.
- I am solely responsible for repaying both home loans.
- Rent from the first property is credited to my wife's account.
- Under the old tax regime, my gross income before tax exceeds 50L annually; however, my income after taxes is less than 50L.

Queries based on this scenario:
1. Which ITR form should I file—ITR1 or ITR2?
2. Can I claim the annual interest on both properties' home loans (approximately 1 lakh for the first property and 2 lakhs for the second property)?
3. Is it legally permissible to show rental income in my wife's ITR while I am responsible for loan repayments?
4. Can I claim deductions under all applicable sections: 24(b), 80EE, and 80EEA?

Experts, could you please help with all these queries.
Please feel free to ask if you have any more questions or need further clarification!

Dear Experts,
We Received the Property as a Gift from my brother through Gift Deed, We Construct the houses on this property & Now we sale 2 house and 2 remaining for sale.
So this is my business income or Capital Gain Income.
Under which head we can define my income (Under PGBP income or Capital Gain Income)

My itr 1 for AY 24/25 has been duly processed and I received intimation for refund u/s 143(1)
My qs is
Whether still I can recive notice u/s 143(2) within 3 mts from end of said financial yr??

Following Charges are incurred during security transaction in both STCG & LTCG

1. Brokerage
2. Exchange transaction charges
3. CGST & SGST ( in total IGST)
4. Securities transaction tax
5. SEBI turnover fees
6. Stamp duty
7. Dp Charges
8. Annual maintenance Charges ( AMC)

Can we account all the above charges as expenditure while we calcualte STCG & LTCG

Hi,

This is the summary of my ITR's.

FY 12-13 -> 44AD -> ITR 4S
Turnover - Rs. 301184
Profit - Rs. 301184

FY 13-14 -> 44AD -> ITR 4S
Turnover - Rs. 240000
Profit - Rs. 240000

FY 14-15
NO BUSINESS INCOME -> NO 44AD -> ITR 2

FY 15-16
NO BUSINESS INCOME -> NO 44AD -> ITR 1

FY 16-17
NO BUSINESS INCOME -> NO 44AD -> ITR 2

FY 17-18 -> 44AD -> ITR 4
Turnover - Rs. 750000
Profit - Rs. 750000

FY 18-19
NO BUSINESS INCOME -> NO 44AD -> ITR 3

FY 19-20
NO BUSINESS INCOME -> NO 44AD -> ITR 3

FY 20-21 -> NO 44AD -> NO AUDIT -> ITR 3
Turnover - Rs. 80,93,584
Profit - Rs. 7,72,655 (>6%)

FY 21-22
NO BUSINESS INCOME -> NO 44AD -> ITR 2

FY 22-23 -> 44AD -> ITR 3
Turnover - Rs. 2,020
Profit - Rs. 1,010

Very Confused regarding 44AD !

1. As per me, It seems i have exited 44AD in FY 20-21 after using it for many years and reentered it in FY 22-23. Now as per 44AD, i have to use to compulsorily for next 5 Years means FY 22-23 to FY 26-27. I want to declare profit less than 6% for shares F&O for FY 23-24. If i do so, i will have to maintain books under 44AA and audit under 44AB? (Turnover is Rs. 26 L and Profit is Rs. 36000)

2. If I opt for 44AD for FY 23-24 also and declare profit at 6%, then I can opt out of 44AD only in FY 27-28?

3. The years where there is no business income to report will be counted for the counting in 5 Years for maintaining 44AD?

Thanks in Advance.

Experts, please advise on the below query.

Is the Indexation benefit applicable for US stocks in India. Say I hold MSFT for 3 years and later sell it, will I get Indexation benefit on this?

Second, is the surcharge of 15 pct flat on LTCG for value above 1 cr or are there slabs?

i have query regarding allowance received by judges during year end feb 2024. Now my few clients are judges I Could not understand where to show this allowances because it is huge amount like 27 lakh or 30lakhs for each judge.

in form 16 they simply added it in gross salary and deducted tax on it. Now judges are insisting that they want refund because all allowance are exempt

under section 10 is ok but sub section is also required please help

Dear Sir
I am facing issues while filling information regarding Add Nature of Business
Other than those declaring Income under sections 44AD, 44ADA and 44AE
under this I have to select Code and Trade Name. I have selected Code has 21008 Other services and Trade Name Note I worked in a company as an Accountant on CONTRACT BASIS. So can I mention name, please advise me


Kindly advise me because Under Business income there are 3 options available & one has to select at least 1 option which is mandatory. My income under u/s 194C is only Rs.1,92,203/- and TDS of Rs.1,924/- is deducted .
Also tell me how to fill various schedules
Kindly suggest me which option I have to select and also there is a reason because I have to file my revised return before 15th July, 2024.
Thanks & Regards.
V.Subramanian